The stock and crypto markets took a hit from President Trump’s global tariff plans, but crypto is staging a comeback unlike any other asset class. Bitcoin is leading the charge, with altcoins like Solana, Dogecoin, and Sui hot on its heels. Let’s dive into the major developments shaking up the crypto world this week.
Bitcoin Roars Past $95,000
Bitcoin reclaimed the $95,000 mark for the first time in two months, shrugging off earlier market jitters triggered by Trump’s tariff announcements. Recently trading at $95,354, Bitcoin posted a 2% gain in the last 24 hours and a 13% surge over the past week. While stocks remained stagnant, Bitcoin’s resilience is reinforcing its reputation as a “store of value” akin to digital gold.
- ETF Inflows Soar: Investors poured $2.6 billion into Bitcoin ETFs this week, signaling growing confidence from institutional players.
- Shorts Get Crushed: Around $300 million in crypto short positions were liquidated in a single day, including $78 million from Bitcoin shorts alone.
- Altcoins Join the Rally: Solana hit $152, Dogecoin climbed above $0.19, and Ethereum hovered around $1,800, riding Bitcoin’s coattails.
The broader crypto market is buzzing, with strong ETF inflows and liquidations pointing to renewed investor optimism.
Sui Ecosystem Steals the Spotlight
The Sui blockchain is on fire, with its native token SUI skyrocketing 73% this week to become the top-performing large altcoin. This surge has ignited the entire Sui ecosystem:
- Ecosystem Tokens Soar: DeepBook jumped 100%, and Cetus surged 125%.
- Trading Volume Explodes: Sui’s daily trading volume hit $800 million on April 23, up from just $90 million a month ago.
- Grayscale’s SUI Trust: The launch of Grayscale’s SUI Trust for accredited investors could funnel more capital into the ecosystem.
- Pokémon Rumors: Speculation about a link with Parasol Technologies, Pokémon’s developer, has fueled investor excitement.
- XPortal Wallet: Sui users can now spend crypto via a virtual Mastercard through the XPortal wallet.
Sui’s meteoric rise is positioning it as a blockchain to watch, boosting confidence in the altcoin market.
Federal Reserve Loosens Crypto Banking Rules
In a major win for the crypto industry, the Federal Reserve has decided to treat crypto services like any other banking activity, eliminating the need for special approvals. This reverses the restrictive stance taken post-FTX collapse, often dubbed “Operation Chokepoint 2.0,” which saw many crypto firms denied banking access.
While this change makes it easier for crypto companies to secure banking services, challenges remain. The Fed has yet to grant “master accounts” to crypto-focused banks like Custodia and Kraken Financial. Still, this shift is a step toward fostering innovation and growth in the sector.
Level Up Your Crypto Game
Crypto trading can be a rollercoaster, but the right strategies can help you navigate the ups and downs. Whether you’re new to the game or a seasoned trader, check out these insightful resources from Mudrex to sharpen your skills:
- 7 Best Crypto Trading Strategies
- How to Use MACD in Crypto Trading
- Crypto Arbitrage Trading Explained
- 7 Top Crypto Scalp Trading Strategies
- What is Crypto Swing Trading?
What’s Next for Crypto?
The crypto world is gearing up for a busy week ahead:
- TOKEN2049 Dubai: Running from April 30 to May 1, this massive event will bring together 15,000 attendees and 4,000 companies, making it a hotspot for industry announcements and networking.
- XRP Futures ETFs: The SEC has greenlit ProShares’ XRP futures ETFs, set to launch on April 30. These ETFs let investors track XRP’s price without owning the asset, hinting at growing institutional interest and potentially paving the way for a spot XRP ETF.
With Bitcoin’s rally, Sui’s surge, and regulatory tailwinds, the crypto market is proving its resilience. Stay tuned for more action as the industry heads into a pivotal week!
